Hokkaido Electric Power Company, Incorporated (TSE:9509) announced a private placement of 470 common shares at a price of ¥100,000,000 per share for gross proceeds of ¥47,000,000,000 on April 27, 2018. The transaction will involve participation from existing investor Development Bank of Japan Inc., Investment Arm for 400 shares and Mizuho Bank, Ltd., Investment Arm for 70 shares. The shares will be issued by a way of third party allocation. The company reported issuance expenses of ¥220,000,000 comprising of registration and licensing taxes of ¥165,000,000, financial advisory fees, legal advisory fees, and appraisal expenses of ¥55,000,000. Post the closing of the transaction, Development Bank of Japan Inc., Investment Arm will hold 85.11% and Mizuho Bank, Ltd., Investment Arm will hold 14.89% stake in the company. The preferred shares will pay a dividend of ¥3,000,000 per share. The transaction is expected to close on July 31, 2018.